The head of the Riyada team reveals two new loan granting initiatives

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[size=52]The head of the Riyada team reveals two new loan granting initiatives[/size]

[size=45]Adviser to the Prime Minister and head of the Riyada Initiative team, Hussein Flamers, detailed the stages of granting loans and the mechanism for following up on project implementation, and while addressing the reasons that lead to rejection of applications, he revealed two new initiatives.[/size]
[size=45]Flamers said, “The Riyada initiative has today become a part of the life of the Iraqi citizen, especially young people and university students. Since the beginning of last May, Al-Rasheed Bank has launched its loans and continues to support borrowers through its electronic system, and this is a very encouraging thing.”[/size]
[size=45]He added, “The Riyada team holds weekly meetings in order to address the challenges, including some participants recording problems in dealing with the application, and we are trying to solve them.”[/size]
[size=45]He continued, "The target groups are constantly changing depending on the developments and progress of the Riyada project. We had registered groups, then they turned into trainees, then they developed into borrower groups, and today loans are the basic file and take up all our time."[/size]
[size=45]He continued, "We are now in contact with the Ministry of Labor in order to activate incubators in all governorates of Iraq. Incubators have an important role and we seek to develop it continuously."[/size]
[size=45]Flamers pointed out that “loans start from one million to twenty million, depending on the economic feasibility. Applications that meet the feasibility are accepted and an amount is set for them. If it exceeds this and is higher than the feasibility value, the application is rejected, but it is not a final rejection as the application must be repeated again.”[/size]
[size=45]Regarding the mechanism for following up on projects for which loan applications have been accepted, Flamers explained, “There are teams affiliated with us that monitor the stages of project implementation, starting with establishment. A period of 3 months is given to start the project, after which the beneficiary must begin repaying the loan. If there is a long delay, he is asked to return the loan with a fine of up to To 10% of its value, because the loan is granted according to insurance, so it must be returned, and we are trying not to make young people hesitate.”[/size]
[size=45]He pointed out, “Two thousand completed applications have been received, and so far we have granted loans to 500 of them, generating more than two thousand job opportunities. We are communicating with them to make their launch and the rest of the project stages a success.”[/size]
[size=45]Flamers revealed that there are new initiatives in the future, including agriculture, and they will be electronic. Thus, we will shift the initiatives from generality to specialization and grant our youth loans according to the types of projects and their specializations. We are keen to support and make all projects that are granted loans successful.”[/size]
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